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February
22, 2000 By Bill Pietrucha SpaceWorks, Inc. got a boost from GE Equity and other investors, securing $15.3 million in its mezzanine round of financing. Although specific terms of the deal were not publicly disclosed, GE Equity led the round, securing a seat on SpaceWorks board of directors, while Columbia Capital, SpaceWorks majority investor, provided the balance. "This investment demonstrates the growing interest in B-to-B e-Commerce and in SpaceWorks," Rockville, Md.-based SpaceWorks President and CEO Dave MacSwain said. SpaceWorks, a business-to-business sell-side Web commerce software company, received an earlier boost from a GE unit last week, when GE Aircraft Engines selected the company to provide mission critical, business-to-business e-commerce capabilities. MacSwain said the mezzanine funding will be used to expand sales and marketing efforts in North America, as well as entry into Europe, and also will be used to enhance the company's Web BusinessManager Suite. According to John Rosenfeld, e-commerce leader at GE Aircraft Engines, international and domestic airlines and branches of the armed services will use SpaceWorks' OrderManager application to place orders 24x7 from GEAE's catalog of more than 250,000 engine parts. Other real-time activities include the ability to research inventory availability, verify order and shipping status and check account information. Rosenfeld said the system, launched earlier this month, is presently used by several of GE's large commercial customers, and will be rolled out to additional leading airlines and military offices throughout the year. MacSwain said OrderManager is linked to an Oracle back-end system, where multiple catalogs store volumes of information ranging from hundreds of thousands of product codes, to individual customer account and billing information, as well as shipping data. Last month, Network Solutions Board Chairman Michael Daniels joined SpaceWorks' board of directors. Daniels, currently senior vice president for Science Applications International Corporation (SAIC), has served as chairman of the board for Network Solutions since 1995. SpaceWorks is located at www.spaceworks.com
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